Wells Fargo Bank SBA Loan to Full-Service Restaurants Company
Wells Fargo Bank is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one Montana entrepreneur who tapped into the power of SBA loans.
The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Bozeman, Montana was able to borrow $50,000 from Wells Fargo Bank. The SBA made the loan possible by guaranteeing $42,500 of this Montana small business loan.
SBA Loan Borrower
COMPANY TYPE: FULL-SERVICE RESTAURANTS
BOZEMAN, MT 59715
SBA Loan Lender
WELLS FARGO BANK
1455 W LAKE ST
MINNEAPOLIS, MN 55408
This lender issued this particular loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow.
SBA Loan Program Type
This loan was issued as a general business loan.
NAICS Code
722110 - Full-Service Restaurants
Loan Approval Date
7/19/2001
Loan Approval Gross Amount
$50,000
Loan Approval from the SBA
Of the total $50,000 loan amount, the SBA guaranteed $42,500.
More Information on This SBA Loan
The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company
had 14 employees. The loan application did not indicate that the business planned to use the funding to hire new employees or retain any existing employees.
Next Steps for Getting an SBA Loan
Every year, the SBA guarantees over $10 billion for loans just like this one.
The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Wells Fargo Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Wells Fargo Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.
The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.
About This SBA Loan Information:
All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.
Related Links:
Business Line of Credit
Best Banks for Small Business in Minneapolis, Minnesota
Minnesota SBA 7A Banks